Reverse Mortgage Answers for Senior Homeowners

If you are over the age of 62 and own your own home, a reverse mortgage might be the perfect solution. You can use the equity you've accumulated in your home over the years to improve your quality of life and ease any financial concerns you might have.

One of the major differences is a reverse mortgage does not require a monthly payment. To qualify for a traditional mortgage or a home equity line of credit, you must have sufficient income and acceptable credit to be approved for the loan. Your eligibility is based upon your age. The loan amount you qualify for must be sufficient to satisfy any existing loans secured against your home.

NMLS #414726; Member FDIC; All loans subject to credit approval. Property must be located in an approved census tract and/or qualified applicant must be at or below 80% of area median income. Borrower(s) must be first-time homebuyers or have no current ownership in any other real estate. Owner-occupied primary residences only. Additional restrictions apply for 2-family residences. *Washington Trust will match up to 1.5% of a 3% downpayment as a non-repaid grant. **Washington Trust will waive the standard underwriting and processing fees.

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